Evercore Investment Banking Pitch Book slide image

Evercore Investment Banking Pitch Book

Financial Analysis Net Asset Value Analysis - Assumptions ■ The following represents the assumptions utilized by Evercore in its net asset value analysis (the "NAV Assumptions") ■ Projections of proved, probable and possible production, operating costs, and capital expenditures based on the Reserve Report rolled forward to October 1, 2012 Volumes and risking for specific Ultra-Deep prospects and discoveries (as per MMR estimates) Geologic and mechanical risking was estimated by Evercore and reviewed by MMR's technical team with Evercore I - - - - Utilized an expected value analysis based on the assumed geologic and mechanical risking Each well has a 200 Bcfe EUR - Gross well costs of $243.0 million per well (as per MMR estimates) comprised of: $100.0 million and 1 year to drill $100.0 million and 6 months to complete Developed using a continuous four rig program through 2014, going to a six rig program in 2015 and finally an eight rig program by 2016, held constant thereafter Lineham Creek Yegua wells begin drilling in January 2014 with an incremental non-operated drilling rig Production for each well of 70 MMcfed held flat for six years, then exponential decline (as per MMR estimates) Condensate is 5% of well stream (8.8 bb1/MMcf) Confidential $43.0 million to equip and tie-in First production after 18 months EVERCORE PARTNERS 11 MCMORan
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